Algoma Steel Group Inc. $ASTL Shares Acquired by TD Asset Management Inc

Key Points

• TD Asset Management Inc increased its stake in Algoma Steel Group by 712%, owning approximately 1.3% of the company, valued at $9.4 million.
• Algoma Steel Group has recently faced negative analyst ratings, with Weiss Ratings and Wall Street Zen issuing sell ratings for the stock.
• The company's stock is currently down 2.6% and has a market cap of $397.68 million, with earnings falling short of expectations in the latest quarter.

TD Asset Management Inc grew its position in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 712.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,363,300 shares of the company's stock after purchasing an additional 1,195,416 shares during the period. TD Asset Management Inc owned approximately 1.30% of Algoma Steel Group worth $9,402,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Donald Smith & CO. Inc. increased its holdings in shares of Algoma Steel Group by 0.3% in the first quarter. Donald Smith & CO. Inc. now owns 8,088,120 shares of the company's stock valued at $43,838,000 after purchasing an additional 20,517 shares during the period. MMCAP International Inc. SPC increased its holdings in shares of Algoma Steel Group by 0.3% in the first quarter. MMCAP International Inc. SPC now owns 6,641,417 shares of the company's stock valued at $35,996,000 after purchasing an additional 21,414 shares during the period. Intact Investment Management Inc. increased its holdings in shares of Algoma Steel Group by 24.6% in the first quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company's stock valued at $7,945,000 after purchasing an additional 288,861 shares during the period. Solas Capital Management LLC increased its holdings in shares of Algoma Steel Group by 37.7% in the first quarter. Solas Capital Management LLC now owns 1,460,646 shares of the company's stock valued at $7,917,000 after purchasing an additional 400,000 shares during the period. Finally, AYAL Capital Advisors Ltd increased its holdings in shares of Algoma Steel Group by 30.9% in the first quarter. AYAL Capital Advisors Ltd now owns 1,242,680 shares of the company's stock valued at $6,735,000 after purchasing an additional 293,396 shares during the period. 72.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings reissued a "sell (d)" rating on shares of Algoma Steel Group in a report on Wednesday, October 8th. Wall Street Zen lowered Algoma Steel Group from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce".

Algoma Steel Group Stock Down 2.6%

Algoma Steel Group stock opened at $3.79 on Monday. The firm has a market cap of $397.68 million, a price-to-earnings ratio of -1.70 and a beta of 1.55. Algoma Steel Group Inc. has a 52 week low of $3.02 and a 52 week high of $12.14. The business's 50-day moving average price is $4.35 and its 200 day moving average price is $5.28. The company has a quick ratio of 0.98, a current ratio of 2.46 and a debt-to-equity ratio of 0.47.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.29). The company had revenue of $433.14 million for the quarter, compared to analyst estimates of $577.67 million. Algoma Steel Group had a negative return on equity of 22.24% and a negative net margin of 13.51%. As a group, sell-side analysts anticipate that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Algoma Steel Group Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.

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